SUNCORP GROUP LIMITED — Director's Dealing 2008

Oct 19, 2008

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 30/9/2001.

Name of entity	Suncorp-Metway Limited
ABN	66 010 831 722

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	John Francis Mulcahy
Date of last notice	18 January 2008

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Refer Annexure A
Date of change	17 October 2008
No. of securities held prior to change	979,142 fully paid ordinary shares
Class	Fully paid ordinary shares
Number acquired	250,000
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$10.11 per share
No. of securities held after change	1,229,142 fully paid ordinary shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	On market acquisition under the Executive Performance Share Plan (Refer Annexure A)

Appendix 3Y - Change of Director’s Interest Notice

J Mulcahy – 17 October 2008

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter for defined terms.

Appendix 3Y Page 2

Appendix 3Y - Change of Director’s Interest Notice

J Mulcahy – 17 October 2008

Annexure A

The change refers to the total number of shares in which the Director has an interest under the Executive Performance Share Plan (EPSP).

The interest is held by Juntos Investments Pty Ltd (“Nominee”), a company controlled by the Director and the registered holder of the 1,229,142 fully paid ordinary shares in the EPSP is CPU Share Plans Pty Ltd (Trustee ).

The Director has accepted an offer made by the Company to participate in the EPSP and the Trustee has acquired 250,000 fully paid ordinary shares (Shares) for the purposes of the offer. Therefore the Director has acquired an indirect interest in the Shares.

The Shares are subject to certain Performance Criteria to be assessed over a Performance Period commencing on 1 October 2008 and ending on either, 30 September 2011, 31 March 2012, 30 September 2012, 31 March 2013 or 30 September 2013.

The Director has no present right to receive any of the Shares and no present right or power to exercise, or control the exercise or the right to vote in relation to, or the right to dispose of, any of the Shares held by the Trustee. The Director may receive all, some, or none of the Shares following assessment of the Performance Criteria at the end of the Performance Period or otherwise in accordance with the EPSP Rules.

At the end of the Performance Period, the Company must assess the relevant Performance Criteria and then direct the Trustee to allocate to the Director or his Nominee the number of Shares to which the Director is entitled under the EPSP Plan Rules and the terms of the offer. Once Shares are allocated to a person under the Plan, the person has substantially the same rights in respect of those shares as if they were the beneficial owner of them.

The Trustee will continue to hold any Shares which are not allocated to the Director on trust for the purposes of the EPSP, and they may subsequently be allocated to other participants in the EPSP.

The Director has the right and power to exercise, or control the exercise of the right to vote in relation to, or the right to dispose of a total of 447,920 shares (Allocated Shares) held by the Trustee.

The Director has no present right or power to exercise, or control the exercise of the right to vote in relation to, or the right to dispose of 781,222 shares (Unallocated Shares) which remain subject to TSR based performance hurdles

• See chapter for defined terms.

Appendix 3Y Page 3